Wednesday, April 20, 2011

Shell (RDS-A) (NOG) (MRO) (HAL) Jump on Low Oil Inventories

Shares of Marathon Oil (NYSE:MRO), Shell (NYSE:RDS-A), Halliburton (NYSE:HAL) and Northern Oil and Gas (AMEX:NOG) were all jumping today on news Oil inventories fell by 2.3 million barrels last week, according to the Energy Information Administration.

Expectations were oil inventories were going to increase by 1.6 million barrels.

Consequently the price of crude oil surged over the $110 a barrel mark again. Nymex oil for June delivery increased 2.1 percent to $110.54 as of 11:25 AM EDT.

Northern Oil and Gas was trading at $23.61, gaining $0.54, or 2.34 percent, as of 2:06 PM EDT. Halliburton was trading at $49.57, up $0.56, or 1.14 percent. Royal Dutch Shell was at $ 74.03, rising $2.44, or 3.41 percent. Marathon Oil was trading at $52.86, increasing $1.58, or 3.08 percent.

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